(34)As regards requirements that central bank(s) of issue might be able to impose in exceptional situations, the transmission of monetary policy or the smooth operation of payment systems might be affected by developments in centrally cleared markets in situations such as stresses in the markets (especially the money and repurchase markets) on which the CCP relies to obtain liquidity, situations where CCPs' operations contribute to the drying up of liquidity in the market, or serious malfunctions of payment or settlement arrangements that impede the CCP's ability to meet its payment obligations or increase its liquidity needs. The determination of the existence of such exceptional situations depends solely on monetary policy considerations and need not coincide with any emergency situation relating to the CCP. In such situations, the prudential framework might therefore not fully mitigate the ensuing risks, in which case direct action by the central bank(s) of issue to ensure the transmission of monetary policy or the smooth operation of payment systems might be necessary.